Financial Tips for 2014: Improving Your Finances in the New Year (Part 2)

Financial Tips for 2014: Improving Your Finances in the New Year (Part 2)

Posted By Andrews, Cramer & Ersoff || 21-Jan-2014

Continuing from
Financial Tips for 2014: Improving Your Finances in the New Year (Part 1), here are some additional strategies that, when followed diligently, can
help you get out of debt and, ultimately, get back on track financially.
In addition to living by a budget and paying attention to your credit
score and credit report, you should also do the following in order to
improve your financial standing:

Pay more than the monthly minimum on your debt payments – In general, you should
always strive to pay more than the monthly minimum payment on your credit card
debt, student loan debt, medical bill-related debt, etc. Paying only the
minimum on these debt payments means that you are essentially only every
paying off the accumulated interests and that, as a result, you are not
paying down the principal borrowed. In effect, this will just keep you
treading water when it comes to your debt, and it will prevent you from
ever getting to a point where you start significantly reducing and eliminating
debt.If you are unable to pay more than the monthly minimum on all of
your debt, then make sure you choose to pay more than the minimum payment
for the one (or two) debts that have the highest interest rates (and continue
paying the minimums on the other debt, as you don’t want to default
on any of your debt payments).

Invest in your savings and future – While paying down your debt is crucial, it’s also essential
that you put money away in a savings account so that you have some sort
of financial cushion to rely on in the event that you need a larger sum
of money quickly (such as in the case, for example, that your car and/or
home needs an expensive emergency repair).Although you should try to invest
as much as possible in your savings account, it’s often a better
idea to allot a specific amount of money per month as your savings account
investment (e.g., $25) and then use the rest of your income to pay your
bills. Being diligent about investing in your savings can help you accumulate
a sizeable savings account within a few years.

Lincoln City BankruptcyAttorneys

Matters related to bankruptcy need to be handled with the utmost care to
ensure that debtors’ rights are properly protected and that their
financial issues are resolved as favorably as possible. Regardless of
whether a business or individual is considering filing for bankruptcy
or whether either has a history of previous bankruptcies, the
Lincoln City bankruptcy attorneys at Andrews Ersoff & Zantello Attorneys at Law can provide our clients
with the support and professional legal assistance necessary to protect
their interests and rights at every stage of the legal process.

Our skilled legal professionals have years of experience handling various
bankruptcy-related issues, and we are dedicated to working closely with
each of our clients to ensure that they are fully protected and that they
are able to achieve a financial fresh start while resolving their debts.
Our primary goal is to assist our clients in settling and moving past
their financial issues so they can focus on their personal success and future.

Contact the experienced Lincoln City bankruptcy attorneys at Andrews Ersoff
& Zantello by calling (541) 994-7350 or by emailing us using the form
at the upper right-hand side of the screen. While we can provide you with
additional information about our services, we will also give you professional
legal advice regarding your best options for proceeding with your financial affairs.